India is the largest importer of crude oil. In the Year's of 2002-13 total crude oil imports were $ 169 billion. After that gold, this is valued at USD 54 billion this year. Electronic Goods (31 billion USD), precious stones (23 billion USD), coal and coke, scrap metal, chemical (15 billion USD each), cars (14 billion dollars) and edible oil (11 billion dollars) of major import commodities. Petroleum products from India (60 billion dollars) and gems and jewelry (43 billion dollars) is largely exported. These two areas account for 33 per cent of total exports.
Apart from India, transport equipments, machinery, pharmaceuticals, metals, electronic goods and the goods are exported predominantly cotton. India imports huge amounts of gold trade deficit and current account deficit has been the subject of considerable concern. After July 2013 gold imports was ban by the Government ban this year compared to past years in Silver Gold imports is declined by 40 per cent and 33.5 billion dollar level.
The difference between the import and export trade deficit 826 313 crores (USD 138.5 billion), which was 190.3 billion dollars, against 25 per cent in 2012-13 shows. India with world trade (imports and exports combined) 792 billion in fiscal year 2012-13, which in 2007 was only 312 billion dollars. Trade-GDP ratio in 2007-08 was 32.7 per cent, which increased to 43 per cent in 2012-13. 13.4 per cent of exports to GDP ratio in 2007-08, 14.3 per cent in 2012 -13. India's total share in total world exports in 2012 to 1.6 per cent. From this perspective, India is ranked 19th in the world.